Do I Need Landlord Insurance?

[John Williams]

I am moving out of house next month. I am going to turn it over to a property manager so she can rent it out for me. Do I need some sort of additional insurance to protect on top of my home insurance? If so, what kind do I need? Thanks!

[Kim Meredith Hampton]

John,

Yes you will need landlord insurance. Once it’s rebted, make sure to call your agent and change over your policy to a landlord/tenant policy. It usually costs about the same amount as your current policy. Make sure you also have the loss of rental income as a line item on the policy. This is great to have in the event there is significant damage to the home and the tenant needs to vacate, it will cover the loss of rent during that time